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A Manager Has Been Using a Certain Technique to Forecast

question 82

Essay

A manager has been using a certain technique to forecast demand for gallons of ice cream for the past six periods.Actual and predicted amounts are shown below.Would a naive forecast have produced better results?


Definitions:

Median Earnings

The middle value of earnings in a given distribution, such that half of the population earns more and the other half earns less.

Labor Market

The supply of available workers in relation to available work.

Median Earnings

The middle value of earnings in a given distribution, such that half of the population earns more and half earns less.

Labor Market

A marketplace where workers find paying work, employers find willing workers, and wage rates are determined.

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